$249 Million Worth of Bitcoin Positions Liquidated After Price Drop

user avatar

by Giorgi Kostiuk

2 years ago

Over the past 24 hours, the cryptocurrency market witnessed a significant drop, leading to $249 million worth of long positions being liquidated due to the rise in the 10-year U.S. Treasury yield.

Reason Behind the Crash

Bitcoin's sharp price decline followed an increase in the 10-year U.S. Treasury yield. The Institute for Supply Management (ISM) released its latest report indicating a rise in the December Purchasing Managers' Index, sparking inflation concerns.

Market Reaction

In response to this data, U.S. equity markets also experienced a substantial drop. The Nasdaq-100 index fell by 1.3% and the S&P 500 slipped by 0.57%. Shares of MicroStrategy, the largest corporate holder of Bitcoin, dropped nearly 9% on Tuesday.

Experts' Position

Although the ISM services index is concerning for risk assets, Oliver Allen of Pantheon Macroeconomics believes that these data might not indicate a persistent inflation trend.

"The index is pretty volatile and often swings up and down without this ever showing up in the inflation numbers. We had a similar scare last January that ended up being a big fat nothing,"Oliver Allen

Markets continue to experience turmoil due to inflation concerns causing sharp fluctuations in cryptocurrency and stock prices. While recent economic data are alarming, experts caution against drawing definitive conclusions too soon.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Birdeye Unveils Peak, a New Terminal for Institutional Crypto Research

Birdeye has launched Peak, a new terminal aimed at institutional crypto researchers, consolidating various data and analysis services into one professional workspace.

user avatarMaya Lundqvist

Google Implements New Advertising Policy for Crypto Providers in UAE

Google has announced new licensing and certification requirements for crypto exchanges and software wallet providers targeting customers in the United Arab Emirates.

user avatarLeo van der Veen

Meta's Board Approves New Class of Nonvoting Stock

Meta's board has approved the creation of Class C nonvoting shares to be distributed to existing Class A and Class B shareholders, effective January 19, 2027.

user avatarLi Weicheng

Meta's Financial Strategy Ensures Founder Control

Meta's financial strategy includes plans to potentially raise hundreds of billions in equity while ensuring Mark Zuckerberg retains control over the company.

user avatarAisha Farooq

BitGo Introduces BitGo Labs to Innovate in AI and Cryptocurrency

BitGo has launched BitGo Labs to develop AI-integrated applications for its digital asset infrastructure, starting with the Gokubu app.

user avatarTenzin Dorje

TRON Solidifies Its Position as a Leading Blockchain Network for Stablecoin Settlement

In Q3 2026, TRON reinforced its position as a leading blockchain network for stablecoin settlement, achieving trillions in transaction volume and a record supply of USDT.

user avatarBayarjavkhlan Ganbaatar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.